Session:14 Labor Markets and Income
Key Terms
Principles of Microeconomics 3e | Leadership Development – Micro-Learning Session
Rice University 2020 | Michael Laverty, Colorado State University Global Chris Littel, North Carolina State University| https://openstax.org/details/books/principles-microeconomics-3e
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- affirmative action
- active efforts by government or businesses that give special rights to minorities in hiring, promotion, or access to education to make up for past discrimination
- bilateral monopoly
- a labor market with a monopsony on the demand side and a union on the supply side
- collective bargaining
- negotiations between unions and a firm or firms
- discrimination
- actions based on the belief that members of a certain group or groups are in some way inferior solely because of a factor such as race, gender, or religion
- first rule of labor markets
- an employer will never pay a worker more than the value of the worker’s marginal productivity to the firm
- monopsony
- a labor market where there is only one employer
- perfectly competitive labor market
- a labor market where neither suppliers of labor nor demanders of labor have any market power; thus, an employer can hire all the workers they would like at the going market wage